Article 12 § 5 of the BIT states, "Each Contracting Party hereby gives its unconditional consent to the submission of a dispute to international arbitration in accordance with the provisions of this Article."

And as far as Venezuela pulling out of the treaty, it won't help them. Article 17 states, "In respect of investments or commitments to invest made prior to the date when the termination of this Agreement becomes effective, the provisions of Articles I to XVI inclusive of, and the Annex to, this Agreement shall remain in force for a period of fifteen years."

BIT= bilateral investment treaty